Tuesday, October 15, 2019

Parks Boost House Prices

The UK's Office of National Statistics has carried out some interesting data analysis to determine if nearby parks increase house prices and if so by how much. The ONS used data of house prices from real-estate company Zoopla and map data from Ordnance Survey's Open Greenspace to determine if urban houses near parks and other green spaces are more expensive than houses positioned further away from parks.

The ONS data analysis revealed that properties that are very near parks attract a premium, and the more green space nearby, the higher the premium. If you live in England or Wales you can use ONS's Urban Green Spaces interactive map to see how nearby parks and green spaces effect the cost of your property. Enter your postcode into the interactive and you can view a map of your home and all the nearby parks. The interactive will also reveal how much the nearby parks boost the value of your home.

My only word of caution with this map is that some local knowledge might be needed to confirm ONS's analysis of an address. My nearest park is positioned between two high rise tower blocks and is a popular retail outlet for the sale and purchase of recreational drugs. Far from adding nearly £4000 to the price of my house (which is what the ONS claims) the position of the park near my home probably knocks £4000 off its value.

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